1.What are the five basic types of financial statement audit reports?

2.In your audit of Hudson Company, you find a number of items that you believe represent possible adjustments to the company's books. Management does not want to make any adjustments. Assuming that Hudson Company is a public company, describe how the adjustments might impact your audit report on internal control over financial reporting.

3.What is the purpose of using review analytical procedures in the final stages of the audit?

4.Discuss three potential fraud schemes related to long-lived assets.

5.James Smith and Lindsay Grant, CPAs have audited all of the accounts on the balance sheet. James Smith argues with Lindsay Grant that since retained earnings is a balancing amount, it requires no further examination. Lindsay Grant however disagrees and argues that they should still choose to audit retained earnings. Who do you agree with and why?

6.Under what circumstances would an auditor issue a qualified opinion?

7.Describe the purpose of the management representation letter.

8.During the course of an audit of the financial statements of Smith Industries, a CPA is refused permission to inspect the minutes from the board of director's meetings. The CPA is instead offered a certified copy of all resolutions and actions involving accounting matters. Which type of audit report would you suggest be issued this year and why?

9.Define what is meant by the term intangible asset, provide an example and identify typical controls over intangible assets.

10.Under what circumstances would an auditor issue an adverse opinion?

11.List the five management assertions for long-lived assets and explain how each one is relevant.

1.What are the five basic types of financial statement audit report...